Payroll tax laws are complex, and the penalties for not complying are steep. Failure to properly withhold can result in costly fines for employers, and Trust Fund Recovery Penalties against CPAs whose clients fail to remit monies. Learn the best ways to protect yourself—and your clients—from penalties, and get expert advice on proper filing procedures from a former IRS Senior Manager. This critical self-study webinar will:
- Define what wages are subject to federal income tax withholding, FICA, Medicare and FUTA
- Review tax responsibilities associated with independent contractors, and when back-up withholding applies
- Explain the payroll tax computations, deposit periods and dues dates, and proper payroll tax forms that need to be collected and filed
- Provide a thorough breakdown of IRS Trust Fund Recovery Penalties against CPAs for failure to properly remit and comply
- Prepare you to defend yourself against aggressive positions taken by the IRS, in order to collect delinquent payroll taxes unpaid by your clients
To provide CPAs in practice and industry with the knowledge and skills to guide employers on meeting payroll tax withholding requirements for employees and independent contractors, while protecting themselves against IRS penalties. In addition, this self-study webinar will ensure that you’re up to speed on employer responsibilities regarding payroll tax computations, deposit periods, deposit dues dates, and the handling and filing of proper payroll tax forms.
- Identifying staff members as employees or independent contractors
- Wages subject to federal income tax withholding, FICA, Medicare and FUTA
- Tax responsibilities associated with independent contractors, and when back-up withholding may apply
- Payroll tax computations, deposit periods, deposit dues dates, and the collecting and filing of proper payroll tax forms (W-4, W-9, etc.)
- Trust Fund Recovery Penalties leveled by the IRS against CPAs
- Steps to defend yourself, and your clients, from aggressive attempts by the IRS to collect delinquent payroll taxes
• Identify the requirements for filing MFJ
• Identify the characteristics of filing MFS and HOH
• Recognize the brackets in which taxpayers suffer from the “marriage penalty”
• Recognize taxpayers potentially subject to the kiddie tax
• Recognize the latest measurement of inflation
• Recognize the limitations of itemizing SALT
• Determine the requirements of the qualifying child’s residency test
• Recognize the IRS position when a qualifying child spends equal amounts of time as a resident of divorced parents
• Identify the ability of a taxpayer to claim dependency exemptions when claimed as a dependent by another taxpayer himself
• Identify the basic mechanism by which Congress attempted to lower the tax rate for pass-through income
• Recognize the implications of the Section 199A deduction to both lower and higher earning taxpayers
• Identify the monetary limits of the child tax credit
• Identify the circumstances under which a taxpayer must make estimated tax payments
• Identify the additional Medicare tax rate imposed on taxpayers with earned income in excess of their applicable threshold
• Calculate the Medicare surcharge tax due on net investment income in excess of the applicable threshold
• Identify items of income which would be included in determining net investment income
• Identify the levels of insurance coverage representing the minimum coverage under the Affordable Care Act
• Recognize the out-of-pocket cost associated with the different levels of insurance coverage
• Identify the overall effect of the TCJA on the ACA’s shared responsibility payments
• Recognize the capital gains tax rate for those in the lower tax brackets
• Recognize the entities from which a taxpayer could receive dividends taxed at the reduced capital gains tax rates
• Recognize the amount of income a taxpayer must recognize when renting out their home for fewer than 15 days a year
• Recognize the number of days a taxpayer can use a second home for personal use and still have it characterized as investment property
• Recognize the order in which expenses are allocated when a home is used for both vacation and personal use
• Recognize the depreciation ramifications when a residential property is converted to a rental property
• Identify the amount a taxpayer can exclude from the gain on the sale of a personal residence
• Identify the time frame a surviving spouse is given to fully utilize the residential gain exclusion
• Identify the amount of the allowable passive loss deduction available for taxpayers who actively participate in a rental property
• Recognize the rules for deducting suspended passive activity losses
• Recognize examples of passive losses
• Recognize the implications of alimony for agreements entered into both before 2019 and after 2018
• Identify the IRA contribution limit for individuals past the age of 49
• Identify early IRA withdrawals not subject to penalty
• Identify the characteristics of a Roth IRA
• Identify the monetary limits of deductible interest payments on student loan debt
• Identify the monetary limits of deductible tuition/fees
• Recognize the increased AGI limitations of charitable gifting under the TCJA
• Recognize the threshold at which a taxpayer must obtain contemporaneous, written acknowledgement of charitable contributions
• Recognize the threshold at which a taxpayer must obtain an appraisal for charitable contributions of property
• Identify the advantages of making IRA distributions directly to a charity
• Recognize the time frame within which a taxpayer may claim the American Opportunity Tax Credit